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On 1 November 2023, the New York State Department of Financial Services (NYDFS) implemented the Second Amendments to the cybersecurity obligations for financial services companies (23 NYCRR 500). The Amendments apply to covered entities, including any person operating under or required to operate under a licence, registration, charter, certificate, permit, accreditation, or similar authorisation under the Banking Law, the Insurance Law, or the Financial Services Law. The Amendments include enhanced controls to prevent unauthorised access and mitigate cyberattacks. In addition, the Amendments introduce requirements for more regular risk assessments, robust incident response plans, and updated notification requirements.
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